IRA Charitable Rollover Made Permanent

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Congress has reached a last minute deal to extend the charitable IRA rollover retroactively for 2015 and make it permanent with no expiration date for future years.

To take advantage of the extension for 2015, you need to arrange a direct transfer from your IRA to Edmundite by December 31 to count against your required minimum distribution for 2015. Direct transfers from IRAs to Edmundite made earlier in 2015 in anticipation of the charitable IRA rollover being extended will also count.

What gifts qualify for an IRA charitable rollover?

You must be age 70 ½ or older when the gift is made.

The gift must come from a traditional IRA or Roth IRA account. (401(k), 403(b), SEP IRA accounts, and other retirement accounts do not qualify.)

The gift must come directly from your IRA administrator to Edmundite.

Total IRA charitable rollover gifts in any one year cannot exceed $100,000.

The IRA rollover gift can count toward your Required Minimum Distribution (RMD) if you have not already taken your RMD for the year you make your gift.

The gift from your IRA will not be available as an income tax charitable deduction;

The gift from your IRA will be excluded from income.

If you have any questions or would like additional information, please contact: